Don't spend all your life savings paying for nursing home costs

Posted: December 10, 2012 - 1:03am

The greatest threat to the “nest egg” of our Senior Citizens is a long-term stay in a nursing home. With costs of $40,000 per year, it doesn’t take long to wipe out someone’s life savings. Information within this article could be important to your long-term financial health.

Nursing Home Medicaid Q&A

Question 1: “Can I afford to have my spouse in a nursing facility?”

Answer: Yes! Regardless of the amount of assets you own, in most cases the stay-at-home spouse is allowed to keep all of the assets of the couple. This includes the home, an auto and all of the cash accounts of the couple. In most cases Medicaid would pay 100% of the monthly costs for the spouse in the nursing facility.

Question 2: “Does a single person in a nursing facility have to spend down all of his/her money before he/she can apply for nursing facility Medicaid benefits?”

Answer: No! In most cases a single person can protect a substantial amount of his/her assets from nursing facility spend down and still apply for and receive Medicaid benefits. In some cases a single person may protect all of his/her assets from nursing facility spend down.

Question 3: “Can I lose my home to claims by the state?”

Answer: Yes! The Estate Recovery Law passed in Texas in 2005, does allow the state of Texas to file a claim on the home of a Medicaid recipient. However, there are several exemptions and legal remedies that would allow the recipient to protect the home from claims by the state.

Question 4: “Is all the information I need available from my state Medicaid Office?”

Answer: No! That is like saying everything you need to know about taxes is available from the IRS! Your state office can provide general knowledge about Medicaid program requirements, but what you need to know is usually not available from the people employed by the state to process applications. They are not in a position to be your advisor. They are paid to gather information and not give it out.

It is usually prudent, when faced with a nursing home crisis, to seek the assistance of a professional advisor. Again, be sure that the individual or firm that advises you is well versed in Medicaid eligibility requirements and long-term care issues..

The staff at The Ladyman Law Office for senior planning services includes professional advisors, Medicaid consultants and former state Medicaid program managers who have over 50 years of combined experience dealing specifically with nursing facility Medicaid eligibility planning.

: In most cases, no! Medicaid eligibility is a complex, ever-changing arena that requires specific knowledge of federal and state program requirements and guidelines.

The person you trust with your tax returns, your investments, your checking and savings account, or even your legal matters is probably not the person that you should trust with your eligibility for Medicaid benefits. Medicaid eligibility planning is a unique field of estate preservation and management that requires in depth knowledge of the guidelines. The Ladyman Law Office for senior planning services is one of the most recognized firms in Texas whose main focus is in nursing home Medicaid eligibility planning. The Ladyman Law Office for senior planning services has been providing nursing facility Medicaid planning to senior citizens since 1990.

For more information and a free brochure call senior planning services at (325) 676-5775 or (800) 676-5775.

The Ladyman Law Office for senior planning services is not affiliated with any state agency that determines Medicaid benefits. This information is provided as a public service message. It is neither an advertisement nor a solicitation for the procurement of Medicaid benefits for any one to the Texas Health and Human Services Commission. For more information go to www.ladymanseniorplanning.com